20-146 20-146 . . . Deferred Compensation Investment Account Plan under which Board of Directors of Savings and Loan Association allocates a portion of annual bonuses which would otherwise be paid to selected officers and employees to a separate account. The deferred compensation in such account is deemed, for purposes of Plan only, to represent specified percentages of Association's investments in certain portfolios of equity securities, and it is increased or decreased to same extent as performance of such securities
Oklahoma Deferred Compensation Investment Account Plan
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US-CC-20-146
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Also, to qualify for a hardship withdrawal, the funds must be not only for an emergency, but an unforeseeable one. ?In the 401(k) plan, if you needed money to buy a house or to pay tuition for a dependent, you could do that,? Pizzano says. ?But in the 457 plan, those types of foreseeable withdrawals are not allowed.
A deferred compensation plan withholds a portion of an employee's pay until a specified date, usually retirement. The lump sum owed to an employee in this type of plan is paid out on that date. Examples of deferred compensation plans include pensions, 401(k) retirement plans, and employee stock options.
Key Differences Deferred compensation plans tend to offer better investment options than most 401(k) plans, but are at a disadvantage regarding liquidity. Typically, deferred compensation funds cannot be accessed, for any reason, before the specified distribution date.
You can take out small or large sums anytime, or you can set up automatic, periodic payments. If your plan allows it, you may be able to have direct deposit which allows for fast transfer of funds. Unlike a check, direct deposit typically doesn't include a hold on the funds from your account.
Commonly called a 457 plan, the Deferred Compensation Plan allows eligible employees to supplement any existing retirement/pension benefits by contributing and investing pre- tax dollars through voluntary salary deferrals.
In general, deferred compensation plans allow the participant to defer income today and withdraw it at some point in the future (usually upon retirement) when taxable income is likely to be lower. Like 401(k) plans, participants must elect how to invest their contributions.
Deferred compensation plans can be a powerful tool for early retirement goals. Deferring income to retirement might help avoid high state income taxes (ex: California, New York, etc) if you're planning to move to a low-tax state.
457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.